The Central Bank of Egypt (CBE) revised the deadline for transferring the export proceeds of gold artefacts to banks from 7 days to 30 days, according to a circular on Monday.
Accordingly, banks in Egypt should disclose the details of clients who fail to transfer the proceeds of the gold artefacts exported from the Egyptian market within 30 days of the shipment date.
In the event that the client fails to transfer the proceeds, the CBE will send the client’s details to the banks to ensure that he or she is excluded from making any similar transactions in the future, according to the circular.
In April, the CBE extended the grace period for transfers of the proceeds of gold exports to 30 days after a decision in December 2022 set the period at just 7 days.
Egypt’s gold production amounts to about 15.8 tons per year, most of which comes from Sukari mine in the Eastern Desert, according to a report by the World Gold Council.
The country’s gold exports grew by 45 percent to reach $1.633 billion in 2022, up from $1.126 billion in 2021, according to Egypt’s General Organization for Export and Import Control.
Source: Ahram Online